S&P lowers Telenet outlook to negative

Standard & Poor's said it revised its outlook on Telenet Communications NV and related entity Telenet Group Holdings NV to negative from stable.

At the same time, the ratings on Telenet Communications and Telenet Group Holdings, including the B+ long-term corporate credit ratings, were affirmed, the agency said.

The outlook revision reflects majority shareholder Liberty Global Inc.'s (B/positive) additional 18.4% stake increase in the group, bringing its ownership to 49.7%, the agency noted.

The agency added that the ratings are constrained by Liberty Global's control of Telenet's board, with nine of 17 members despite an ownership below 50% and the inherent risk of operating in highly regulated and competitive markets.

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